Oil Price Reaches $70 For First Time Since 2014

Brent crude futures, used in the pricing of more than half the world’s oil, rose as much as 1.2% to the highest since Dec. 4, 2014. Prices rallied after the longest stretch of declines in U.S. inventories during winter in a decade. Prices have also been supported by concerns that supply disruptions could stem from rising political tensions in OPEC members Iran and Venezuela.

Brent for March settlement advanced to $69.90/bbl on the London-based ICE Futures Europe exchange at 11:28 Eastern time. But with the climb in crude, there are growing signs that OPEC could be falling into a trap it had sought to avoid. OPEC’s members aren’t keen on Brent prices above $60/bbl because of the potential for more U.S. shale output, Iran’s Oil Minister Bijan Namdar Zanganeh said recently.

Addax Looks To Increase Nigerian Production, Plans $3bn-$5bn Investment

Addax Petroleum Development (Nigeria) Limited Has Said It Is Planning A Fresh Investment Of $3bn To $5bn In Nigeria Over The Coming Years To Help Increase Its Crude Oil Production Capacity To 2.3 Million Barrels Per Day, Adding That Its Future In Nigeria Remains Very Bright, Premium Times Reports.

“Our Future In Nigeria Remains Very Bright,” General Manager External & Government Affairs, Addax Petroleum, Dorothy Atake, Said In A Statement On Sunday. She However, Did Not Make Any Reference To The Bribery Allegations And The Firm’s Winding Up Operations In Other Places.
“Our Conviction In The Country’s Future Is Why We Have Plans For Fresh Investments Of Between $3-5 Billion In Nigeria Over The Coming Years,” Mrs. Atake Said. Mrs. Atake Said Part Of The Company’s Objective Included A Programme To Optimise Its Oil And Gas Operations In The Country And Increase Production From Its Existing Onshore And Offshore Assets.

The Senior Vice President/Managing Director, Addax Petroleum, Cor Zegelaar, Said The Company’s On-Going Projects Have Significantly Brightened Its Forecasts For A Better 2018.
“With A Strong Partnership With Nnpc And The Dpr, As Well As Cooperation With Host Communities, We Plan To Continue With The Njaba Drilling, Mature Adanga East & Adanga North Jack-Up Rig Drilling, Commence Atan Drilling, And Progress Ofrima Udele Production,” He Said. He Added That Work On Other Production Optimization And Asset Integrity Projects Were Still In Progress, As Part Of Efforts To Realize The Company’s Overall Growth Plans Of Increased Daily Production.